Former UBS AG employee Stephanie Gibaud in 2008 was faced with the choice of whether to comply with her employer's request that she destroy records potentially indicating that the bank had courted tax-evading clients. When she refused, the bank psychologically bullied her until she departed in 2012.
One of Switzerland's oldest and largest private banks will pay more than $200 million to U.S. officials for helping wealthy American clients create fake trusts and sham corporations in order to evade taxes.
Germany's second-largest bank will pay $1.45 billion to U.S. law enforcement agencies and regulators and fire multiple employees to settle charges that it violated sanctions laws and anti-money laundering rules.
British lawmakers Monday sharply criticized HSBC’s leadership for failing to prevent widespread tax evasion by clients and take responsibility for the institution’s compliance lapses.
With new international data-exchange agreements in place, the United Kingdom will soon have greater access than ever to information on tax dodgers with offshore accounts, according to the nation's Financial Secretary to the Treasury David Gauke.
One of Israel's largest banks will pay $400 million to federal and state officials after admitting that it set up fake loans and corporations to help wealthy American clients stash their money abroad.
Hundreds of Swiss bankers are suing to stop their old employers from turning over to the United States details of their interactions with suspected American tax evaders, according to a tax attorney.
In the wake of criticism from a government watchdog, the Internal Revenue Service is close to finalizing changes to a limited amnesty program for Americans illegally hiding funds overseas and dodging reporting requirements, the head of the tax agency said Tuesday.
Facing the possibility of stiff monetary settlements, several Swiss banks are threatening to seize funds from U.S. clients who refuse to declare their offshore accounts to the Internal Revenue Service.
Credit Suisse AG's guilty plea to charges that it hid clients' assets from U.S. tax collectors is likely to translate into more troubles for the institution, both here and abroad.
Credit Suisse is unlikely to turn over the names of some suspected tax cheats even if the United States adopts a pending bilateral tax agreement with Switzerland, bank representatives told lawmakers Wednesday.
Despite five years of negotiations with Credit Suisse, the U.S. Justice Department has identified only one percent of the bank's American clients it suspects of dodging taxes, according to lawmakers.
As a long-negotiated U.S.-Swiss tax settlement inches forward, some banks in Switzerland are asking themselves an unlikely question: can we disclose more?
The IRS can serve broad summonses to five of the world's largest banks as part of an effort to collect data on American tax evaders, the Southern District of New York said.
A Geneva court's ruling clearing the way for bankers to know whether their employers have identified them to American investigators threatens to complicate a negotiated U.S.-Swiss tax deal, say sources.
A U.S.-Swiss plan to resolve a tax evasion dispute may absolve Switzerland's government from further action but will prove costly and time-consuming for participating banks, say attorneys.
Liechtenstein's oldest bank will pay nearly $24 million to the United States for aiding American tax evaders for at least a decade, the Southern District of New York disclosed Tuesday.
The indictment of a now-defunct Swiss financial institution and threatened charges against the country's largest publicly-owned bank fueled Switzerland's decision last month to seek a broad data-sharing agreement with American officials.
Switzerland's oldest financial institution may be compelled to share data on its American clients after pleading guilty Thursday to helping customers hide revenue from the IRS, say attorneys.
As settlement negotiations with Swiss banks continue, the IRS is turning its attention to jurisdictions outside of Europe, including two set to eclipse Switzerland as the world's top secrecy havens.